We are experiencing a convergence of events that constructively stifle real estate activity in a big way, yet I do more than a few investment loans for properties with excellent cash on cash returns. To what extent will low mortgage rates on current purchases compensate for a weak market? Are we at, or near the bottom? Is it time for contrarian thinking? A few articles below. /// Thank you for your feedback on the "Mortgage Handbook For Real Estate Professionals". For those of you who missed it, it's my web-based reference tool which puts mortgage info at your fingertips. Knowledge it power! /// Make it a good week folks. - Paul :)
Which way are we heading?
Mortgage rates are at record lows; inflation is tame, but unemployment is high. Consumer confidence continues to be lackluster, and we're still waiting on a robust housing recovery. So what's ahead for us down the road? NAR Chief Economist Lawrence Yun looks at all of these things. Read it. (If you have not already, you may want to subscribe to Real Estate Insights).
Case-Shiller up
The Standard & Poor's/Case-Shiller 20-city index ticked up in July from June. Check it. But the gain is merely temporary, analysts say. Read it.
Housing recovery predicted for late 2012
The Concord Group, in its latest housing forecast, predicts that the market will normalize by the fourth quarter of 2012. Read it.
To refinance or not to refinance
Here are some simple calculators to determine the benefit of refinancing. I will keep the link in the toolbar above. Go there.
New HomePath incentives
To encourage the purchase of REO properties, Fannie Mae began offering a new incentive on September 23 that will be available through December 31, 2010.
- 3.5% seller concession
- Selling agent may receive a bonus of $1,500.
- Buyers must close within 60 days of the offer being accepted.
- Offers must be accepted on or after September 23, 2010
- Property sales must close before December 31, 2010
- Purchase must for use bu buyers as primary residence
- Buyers and selling agents must request incentive with offer
For HomePath info go here.
Available
- Direct lender: FHA, Fannie/Freddie, VA, USDA, Homepath, other.
- Formal same day approvals (subject to verifications)
- No MI financing to 90% LTV, $900,000
- Helocs (1st and 2nds) to 85% LTV
- Jumbo loans to $10MM
- Portfolio loans
- Condo (Fannie/FHA) certifications
- Sub 620 Fico loans
- Stated income loans (50%-70%. 500-700 Fico needed)
- Hard money loans
- 95% LTV Fannie Mae condo loans (exception basis)
- Loans for non-residents
- Rehab/renovation loans, including 203K
- Construction loans
- Non-warrantable property loans
- Commercial loans
More information
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"Millions saw the apple fall,
but Newton was the one who asked why"
- Bernard Baruch
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